1. SECTOR ALLOCATION INVESTMENT OBJECTIVE WHY CHOOSE THIS PORTFOLIO? Indicative Investment Performance To 31 December 2010 (not actual). NB! As the iManaged portfolios are new product offerings, we have published the performance of the portfolio as if it was in existence for the full year. TOP 5 HOLDINGS iManaged Dividend Income Portfolio 01 The primary objective is to provide the investor with a sustainable and growing income stream while maintaining the capital value in real terms over an investment horizon of 3 years. The income earned should equal or outperform the CPIX over a rolling 3 year period. The portfolio is designed to meet the needs of investors whose primary objective it is to establish a regular income that is both tax efficient and outperforms inflation. The portfolio will hold a mix of high yielding equities and preference shares. While the primary objective of the portfolio is to generate income, it is expected that the value of capital will be maintained in real terms. Investments are made in mature companies with a sound track record of paying regular growing dividends. The preference shares can be substituted in whole or in part with property trusts depending on the investor’s tax situation. PERFORMANCE FACT SHEET 31 DECEMBER 2010 Part of Sanlam Private Investments (Pty) Ltd African Bank10% Standard Bank10% Lewis10% Pick n Pay Holdings10% Vodacom10% 1 YearDiv Yield Included iManaged Dividend Income Portfolio40.3%8.9% Headline Inflation (as at 30 October 2010)3.66%

2. ABOUT THE PORTFOLIOABOUT THE PORTFOLIO MANAGER PERFORMANCE FACT SHEET 31 DECEMBER 2010 Participation in the iTrade Dividend Income Model Portfolio is a medium to long- term investment. The value of this portfolio is subject to fluctuation and past performance is not necessarily a guide to its future performance. Calculations are based on a lump sum investment with gross income reinvested on the ex-dividend MANDATORY DISCLOSURE 02 PORTFOLIO MANAGER’S COMMENTS CONTACT INFORMATION date. All terms exclude costs. Actual investment performance will differ based on the fees applicable, the actual investment date and the date of reinvestment of income. A schedule of fees and maximum commissions is available from the manager. To have an online managed portfolio, go to www.sanlamitrade.co.za and click on the “iManaged" link to register or contact admin@sanlamitrade.co.za or elanzam@spi.sanlam.com. www.sanlamitrade.co.zaadmin@sanlamitrade.co.za elanzam@spi.sanlam.com For admin queries phone Elanza on: 086 062 7278 Portfolio Manager: Part of Sanlam Private Investments (Pty) Ltd iManaged Dividend Income Portfolio Risk ratingMedium Benchmark To provide an income stream that grows at a rate of at least equal to the CPIX and to preserve the capital plus CPIX over a 3 year time horizon. Inception date1 September 2008 Minimum investmentR1 million Management companySanlam Private Investments Portfolio managerMalcolm Stewart Initial feesNil Annual management fee Sliding scale structure (Available on request) WithdrawalOn request South African equities gained 9.0% in local currency in 4Q10 (+9.5% total return) after gaining 12.2% in 3Q10. While most of the positive performance of the ALSI during 4Q10 came in December (+6.2%), the ALSI posted solid positive returns in October (+3.3%) and was largely flat in November (-0.5%). Resources led the rally as commodity stocks were supported by improving economic data, the Federal Reserve's decision to pursue quantitative easing, and M&A activity in the sector. Strong performing consumer shares started to lag the market later in the quarter. SA 10-yr bond yields rose as bond yields kicked higher globally, on the back of signs of improving economic growth momentum in SA and on indications that short rates are troughing, returning 0.7% in 4Q10. Cash returned 1.6% in the quarter. Quoted property yielded just more than 3% for the quarter. The capital benchmark has easily been achieved, while most of the dividend payments were sustained albeit at a slightly disappointing level. Dividends should reflect sound growth over the next two years which will provide an income that will show good growth well above the inflation rate.